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This lesson covers essential economic vocabulary related to the economy, resources, production, opportunity cost, price, incentives, supply, demand, consumption, distribution, entrepreneurship, capital, and scarcity. It also includes a vocabulary quiz, a worksheet, and notes on supply and demand, market price, production, consumption, and choice.
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Table of Contents P.1- 11a Vocabulary P.2- 11 aVocabulary Worksheet P.3- 11 aVocabulary and Notes P.4- 11aContent Quiz
Vocabulary • Economy- A system for producing and distributing goods and services to fulfill peoples wants. • Resources- the factors of production, land labor, and capital used in the production of goods. • Production- to make goods • Opportunity Cost- What is given up when a choice is made- the highest valued alternative forgone. • Price- The amount of money exchanged for goods and services. • Incentive- things that motivate • Supply- the amount of a good/service that producers are willing to sell at a certain price. • Demand- The amount of a good/service that buyers are willing to buy at a certain price. • Consumption- using good/services • Distribution- making goods/services available for consumption • Entrepreneur- someone who takes risk and starts a business • Capital- anything that is used to produce a good/service. (tools, factories) • Scarcity- the inability to satisfy all wants at the same time.
Vocabulary Quiz • _____- A system for producing and distributing goods and services to fulfill peoples wants. • _____- the factors of production, land labor, and capital used in the production of goods. • _____- to make goods • _____- What is given up when a choice is made- the highest valued alternative forgone. • _____- The amount of money exchanged for goods and services. • _____- things that motivate • _____- the amount of a good/service that producers are willing to sell at a certain price. • _____- The amount of a good/service that buyers are willing to buy at a certain price. • _____- using good/services • _____- making goods/services available for consumption • _____- someone who takes risk and starts a business • _____- anything that is used to produce a good/service. (tools, factories) • _____- the inability to satisfy all wants at the same time.
Assignment • Pg 292 in textbook • #’s 2-5 • Write Questions and Answers
Vocabulary Worksheet • 1. Walmart trucks bringing PSP’s to stores is an example of ______. • 2. If Harold started a business, he would be a _______. • 3. The _____ of gas has risen $2.00 from last year. • 4. Trees used to make paper is an example of _______. • 5. Mr. Jenkins had to make a ______ between playing poker or watching basketball. • 6. The planet Earth is running out of ______ that are used to produce goods. • 7. Bevis gave up playing football in order to get a job because he wanted to make money. This is an example of _____ ______.
Vocabulary Worksheet Cont. • 8. America’s _____ is the most stable in the world. • 9. If we drink a glass of milk, we used milk for ______. • 10. If Mr. Jenkins gave every student $100 for everyday they did their homework, this is an example of _______. • 11. The ________ for a Lamborghini went down because the price was to high. • 12. The ________ for the new Gudda CD has increased because producers have raised the price. • 13. Because of the problem of _______, it is impossible for everyone in the world to have a pair of Jordans. • 14. The ______ of a computer takes a long time because of the materials involved.
Notes • Supply • - When the price of an item goes up, the supply increases (goes up) • - When the price of an item goes down, the supply decreases (goes down) • Demand • - When the price of an item goes up, the demand goes down (decrease) • - When the price of an item goes down, the demand goes up (increases) Market Price Where buyers and sellers agree to trade
11a Notes Continued • Price is the amount of money exchanged for a good or service. Interaction of supply and demand determines price. Price determines who acquires goods and services. • Incentives are things that incite or motivate. Incentives are used to change economic behavior. • Supply and demand: Interaction of supply and demand determines price. Demand is the amount of a good or service that consumers are willing and able to buy at a certain price. Supply is the amount of a good or service that producers are willing and able to sell at a certain price.
11a Continued • Production is the combining of human, natural, capital, and entrepreneurship resources to make goods or provide services. Resources available and consumer preferences determine what is produced. • Consumption is the using of goods and services. Consumer preferences and price determine what is purchased and consumed.
11a Notes • Scarcity is the inability to satisfy all wants at the same time. All resources and goods are limited. This requires that choices be made. • Resources are factors of production that are used in the production of goods and services. Types of resources are natural, human, capital, and entrepreneurship. • Choice is selection of an item or action from a set of possible alternatives. Individuals must choose or make decisions about desired goods and services because these goods and services are limited. • Opportunity cost is what is given up when a choice is made—i.e., the highest valued alternative is forgone. Individuals must consider the value of what is given up when making a choice.
